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Lloyds Sets Aside £450m for Auto Lending Probe

Lloyds Sets Aside £450m for Auto Lending Probe

by Starling Insights

Starling Insights Editorial Board

Feb 26, 2024

Observations

The Costs of Misconduct Culture & Consequences UK UK FCA

Lloyds Banking Group has set aside £450 million to cover costs related to the UK Financial Conduct Authority's (FCA) probe into auto financing practices, as reported by the Financial Times.

Last month, the FCA launched an investigation into auto lenders' use of "discretionary commissions," which incentivized finance brokers and dealers to raise interest rates on auto loans until the practice was banned in 2021. Analysts have estimated that the probe, which will look back as far as 2007, could cost the industry up to £16 billion in total.

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